TENNANT CORP. $43(New York symbol TNC; Aggressive Growth Portfolio, Manufacturing & Industry sector; Shares outstanding: 18.6 million; Market cap: $799.8 million; Price-to-sales ratio: 1.1; Dividend yield: 1.6%; TSINetwork Rating: Average; www.tennantco.com) makes industrial floor-cleaning equipment, including scrubbers, sweepers and polishers. It also manufactures cleaning gear for garages, stadiums, parking lots and city streets.
The company continues to see strong demand for its ec-H2O floor-scrubbing machine, which uses electricity to make tap water act like a detergent. That eliminates the need for soaps and cleaning agents, and lowers the machine’s operating costs.
Tennant has also developed other environmentally friendly equipment. For example, the Orbio 5000-sc creates a cleaning liquid using water, salt and electricity. Users can pour this solution into spray bottles and floor scrubbers.
But even with these popular new products, the weak European economy is weighing on Tennant’s sales: In the three months ended June 30, 2012, overall sales fell 0.9%, to $199.5 million from $201.3 million a year earlier. As well, overseas markets supply 32% of Tennant’s sales, and the high U.S. dollar hurts the contribution of its foreign operations.
Still, earnings jumped 25.6%, to $13.7 million, or $0.71 a share. A year earlier, it earned $10.9 million, or $0.56 a share. That’s because the company earns higher profits on its eco-friendly products. Its plan to improve its productivity has also boosted its earnings.
Tennant’s unique products give it an advantage over its competitors. However, the stock trades at a high 18.4 times the $2.34 a share that the company will probably earn in 2012. That increases the risk of a drop if Tennant’s future earnings fail to meet expectations. The $0.68 dividend yields 1.6%.
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